Data management is a procedure that involves establishing and enforcing policies, procedures and processes to manage data throughout its entire lifecycle. It ensures that data is reliable and accessible, which facilitates regulatory compliance and facilitates informed decisions.
The importance of effective data management has grown significantly as organizations automate their business processes, leverage software-as-a-service (SaaS) applications https://taeglichedata.de/information-lifecycle-management-establishing-data-processes/ and deploy data warehouses, among other initiatives. The result is a growing amount of data that needs to be consolidated and delivered to business intelligence (BI) and analytics systems and enterprise resource planning (ERP) platforms, Internet of Things (IoT) sensors and machine learning and Artificial Intelligence generative (AI) tools for advanced insights.
Without a clear strategy for managing data, businesses can end up with data silos that are not compatible and inconsistent, which hinder the ability to manage business intelligence and analytics applications. Inadequate data management can cause distrust between customers and employees.
To address these issues companies need to develop a data-management strategy (DMP) that includes the people and processes required to manage all kinds of data. For instance the DMP will help researchers determine the naming conventions for files they should use to structure data sets for long-term storage as well as easy access. It can also include data workflows that specify the steps to follow to cleanse, validate, and integrating raw data sets as well as refined data sets to make them suitable for analyses.
A DMP can be used by organizations that collect consumer data to ensure compliance with privacy laws at the state and global level, such as the General Data Protection Regulation of the European Union or California’s Consumer Privacy Act. It also can guide the creation of policies and procedures for dealing with data security risks and audits.
